Tezos (XTZ) is seeing a sharp acceleration in activity on its Etherlink execution layer, with a new Messari Research report pointing to scaling upgrades and rising governance participation as key pillars for longer-term ecosystem growth—even as DeFi liquidity continues to drift lower. According to Messari's findings for Q4 2025, Etherlink processed 18.6 million transactions, up 50% from the prior quarter, while daily active addresses climbed to roughly 9,860—nearly doubling over the same period.